amy parker on sat 27 mar 99
I've been filing schedule C on my taxes for the past 13 years as a computer
consultant. Now I find myself staring at the form with a new business code -
327100, as best as I can guess - "clay product & refractory manufacturer".
I've spent the better part of a whole day downloading various IRS pubs & forms
from their efficient web site(!!!), and I'm still confused! Can someone
recommend a book like "Small Manufacturing Business Info for Dummies"???
I understand that if my purchases end up part of the pots (clay, glaze,
stains, glaze chemicals) then they are cost of goods sold, and otherwise are
subject
to me paying sales tax & them being depreciable costs or other expenses,
depending on their life span.
What I CAN"T find anywhere is a comprehensive explanation of "inventory".
I have all these pots with price tags on them, and I have all this "stuff"
like clay, chemicals, etc., which I very carefully counted on Jan 1 1999.
I had no "stuff" prior to Jan 1998 - worked at community studio. It seems from
reading the IRS pubs, that I am supposed to account for the "finished goods"
inventory in some fashion (pots with price tags, unsold), but at what value
and where???
Please please recommend something I can read!!! It's a little late for me to
start shopping for a CPA, and I need to understand all this anyway - should
have taken General Business in High School, instead of Chemistry!
Amy in Atlanta, in my usual Mortal Fear of IRS!
amy parker Lithonia, GA
amyp@sd-software.com
Edouard Bastarache on mon 29 mar 99
------------------
Hello Amy,
here is the URL of a former accountant who has become a potter,
maybe she could answer your questions.
Later,
Edouard Bastarache
edouardb=40sorel-tracy.qc.ca
http://www.sorel-tracy.qc.ca/=7Eedouardb/
-----Message d'origine-----
De : amy parker =3Camyp=40sd-software.com=3E
=C0 : CLAYART=40LSV.UKY.EDU =3CCLAYART=40LSV.UKY.EDU=3E
Date : 27 mars, 1999 09:45
Objet : tax quandry
----------------------------Original message----------------------------
I've been filing schedule C on my taxes for the past 13 years as a computer
consultant. Now I find myself staring at the form with a new business
code -
327100, as best as I can guess - =22clay product =26 refractory =
manufacturer=22.
I've spent the better part of a whole day downloading various IRS pubs =26
forms
from their efficient web site(=21=21=21), and I'm still confused=21 Can =
someone
recommend a book like =22Small Manufacturing Business Info for Dummies=22???
I understand that if my purchases end up part of the pots (clay, glaze,
stains, glaze chemicals) then they are cost of goods sold, and otherwise are
subject
to me paying sales tax =26 them being depreciable costs or other expenses,
depending on their life span.
What I CAN=22T find anywhere is a comprehensive explanation of =
=22inventory=22.
I have all these pots with price tags on them, and I have all this =
=22stuff=22
like clay, chemicals, etc., which I very carefully counted on Jan 1 1999.
I had no =22stuff=22 prior to Jan 1998 - worked at community studio. It =
seems
from
reading the IRS pubs, that I am supposed to account for the =22finished =
goods=22
inventory in some fashion (pots with price tags, unsold), but at what value
and where???
Please please recommend something I can read=21=21=21 It's a little late =
for me
to
start shopping for a CPA, and I need to understand all this anyway - should
have taken General Business in High School, instead of Chemistry=21
Amy in Atlanta, in my usual Mortal Fear of IRS=21
amy parker Lithonia, GA
amyp=40sd-software.com
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